The Bay Area Multifamily Team of Colliers International has completed the sale of two trophy multifamily assets in San Francisco and the Peninsula city of Burlingame. The Colliers team represented both sellers and procured the buyers in the two separate transactions.
The San Francisco property was located at 2128 Van Ness Avenue, and offered a unit mix of 24 one and two-bedroom units, many with views of the Golden Gate Bridge. The property had been owned by the previous owner for nearly 40 years, and the marketing process generated over 20 property showings and multiple offers. The final sale price was $10,125,000, above the asking price, and indicative of a cap rate in the 2.8% range. The property was extremely desirable due to the Russian Hill location and the opportunity to convert a substantial portion of the basement space into ADU units. The Van Ness corridor is in the midst of a massive transportation overhaul valued at over $300 million dollars, and will soon better service the transportation needs of residents in and around this main arterial corridor, as well as beautifying a key city thoroughfare.
In Burlingame, the Colliers team also sold two adjacent parcels located at 1441 and 1445 Bellevue Avenue. These properties, collectively 18 units, were built between 1925 and 1955, and were highly renovated and impeccably maintained. Bellevue Avenue is one of the most coveted streets in the entire Peninsula, located immediately adjacent to Burlingame Avenue, home to the Apple Store, Vineyard Vines, and nearly 200 restaurants and cafes. The property is also located a five-minute walk to the Burlingame Caltrain station, providing access to major employers in Silicon Valley and San Francisco. Following a competitive marketing process with over seven offers, the property sold for nearly $550,000 over the asking price. The final sale price of $11,800,000 represents a price per net rentable square foot of nearly $1,000, and at $655,000 per unit, this represents the highest price per unit for any multifamily property (5+ units) ever sold in Burlingame.
Senior Vice President’s Ryan Wagner and Brandon Geraldo, Vice President Kalah Espinoza and Associate Mathew Flaherty of the Colliers International’s San Francisco office, represented the private sellers in both transactions.
Brandon Geraldo and Ryan Wagner lead the Bay Area Multifamily Team of Colliers International that provides sale and advisory services to owners in the East Bay, North Bay and South Bay. The Bay Area Multifamily Team of Colliers International has executed over $250,000,000 in sales in 2019, with over $100MM in active and pending transactions. “Our team’s focus on the middle-market multifamily space in the entire Bay Area is unparalleled and benefits both private and institutional capital groups”, said Wagner.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.